Global Joint Reconstruction Devices Market: Overview
Joints are affected by various conditions such as osteoporosis, bone degenerative diseases, arthritis, and gout. Large number of people is susceptible to these conditions due to sedentary lifestyle and unhealthy diet. Joint reconstruction is a surgery performed for reconstructing the architecture of a joint for restoring its functions. Some of the joint reconstruction procedures are total hip replacement, total knee replacement, and anterior cruciate ligament. Hip replacement involves the reconstruction of damaged or diseased parts of the hip joint. Knee replacement is reconstruction of damaged knee joint. Nearly 90% patients achieve complete relief from pain after knee and hip replacement surgeries. Elderly people are more susceptible to joint disorders such as arthritis. According to the Arthritis Foundation, about 50 million adults in the U.S. had arthritis in 2016 and the number is projected to reach 67 million by 2030. Moreover, nearly 300,000 children have arthritis in the country.
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Global Joint Reconstruction Devices Market: Drivers and Restraints
The global joint reconstruction devices market is expected to be driven by rise in demand for minimally invasive devices or techniques and increase in geriatric population during the forecast period. Additionally, increase in incidence of joint related diseases such as arthritis, bone degenerative diseases, osteoporosis, gout, and injuries are likely to fuel the growth of the joint reconstruction devices market during the forecast period. However, alternative treatment options and cost of implants restrain the global joint reconstruction devices market.
Global Joint Reconstruction Devices Market: Key Segments
The global joint reconstruction devices market can be segmented based on type, technique, and region. In terms of type, the joint reconstruction devices market can be categorized into knee, hip, shoulder, ankle, and others. The knee reconstruction devices segment accounted for the largest share of the joint reconstruction devices market in terms of revenue due to increase in awareness, rise in prevalence of arthritis, and frequent introduction of advanced devices. The success rates of knee surgery vary patient to patient; hence, repeat procedures or surgeries may be necessary to cure the disease. Joint reconstruction devices repeat knee surgeries help to generate additional revenue. The hip reconstruction devices segment is expected to grow at a rapid pace due to introduction of hip resurfacing and partial knee replacement and growing penetration of existing devices. Reconstruction therapies required for ankle have witnessed significant demand in the sports sector.
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Based on technique, the global joint reconstruction devices market can be classified into joint replacement, arthroscopy, osteotomy, arthrodesis, resurfacing, and others. The joint replacement devices segment is projected to account for the largest joint reconstruction devices market share in terms of revenue during the forecast period because of high procedural volume and high price of implants. This segment can be divided into implants and bone graft.
Geographically, the global joint reconstruction devices market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Each region can be sub-divided into specific countries/sub-regions such as the U.S., Canada, Germany, the U.K., Brazil, China, India, Japan, and GCC Countries. North America dominated the global joint reconstruction devices market because of high prevalence of joint-related conditions, presence of a large number of industry players, favorable health care policies, and high disposable income of patients. Asia Pacific is anticipated to be the most attractive joint reconstruction devices market during the forecast period due to rapidly increasing prevalence of various joint disorders and large patient base.
Global Joint Reconstruction Devices Market: Key Players
Key players operating in the global joint reconstruction devices market are Medtronic, Zimmer-Biomet, Aesculap Implant Systems, LLC, Stryker, NuVasive, Inc., Smith & Nephew, DePuy Synthes, CONMED Corporation, and DJO Global, among others. These players have adopted various strategies such as collaborations, partnerships, agreements, and new product launches to gain competitive advantage in the joint reconstruction devices market.
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